Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Tax Analysts
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Herzig: Exchange Funds
David J. Herzig (Valparaiso), Exchange Funds: A Proposal for Regulations, Finally, 135 Tax Notes 865 (May 14, 2012): The economic downturn has created an investment market in which some tax-advantaged strategies have become favored. To avoid taxable diversification, taxpayers have turned to exchange funds. Through the rules in sections 351, 721, and 368, taxpayers can
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Sullivan: Are You Ready for Taxmageddon ($5.8 Trillion in Tax Increases Over 10 Years, Starting Jan. 1, 2013)?
Martin A. Sullivan (Tax Analysts), Are You Ready for Taxmageddon?, 135 Tax Notes 931 (May 20, 2012): A combination of spending cuts and tax increases could bring the economy to its knees at the end of 2012. By our count, the economy must deal with nine significant fiscal events that will be automatically triggered by
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Avi-Yonah: Camp, Obama, and Territoriality Reconsidered
Reuven Avi-Yonah (Michigan), Vive la Petite Difference: Camp, Obama, and Territoriality Reconsidered, 66 Tax Notes Int'l 617 (May 14, 2012): The recent tax reform proposals by House Ways and Means Committee Chair David Camp, R-Mich., and by President Obama seem to offer starkly contrasting visions of how to reform the taxation of foreign-source income earned
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Transparency in State Taxation, Part 2
Cara Griffith, Amy Hamilton & Jennifer Carr (all of Tax Analysts), Transparency in State Taxation, Part 2: Legislative Process and Letter Rulings, 64 State Tax Notes 331 (Apr. 30, 2012): In part one of this series on transparency in state taxation, we looked at how states use discretionary authority and how, in circumstances in which
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Bartlett: If Romney Wins, Will He Index Capital Gains by Presidential Fiat?
Bruce Bartlett, Indexing Capital Gains by Fiat, 135 Tax Notes 883 (May 14, 2012): While Romney's views on this subject are as yet unknown, I expect that the same people who have been pushing capital gains indexing for decades will pressure him to support unilateral indexing — and there's a very good chance he will go
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States Cut Taxes For First Time in Ten Years
Mandy Rafool & Todd Haggerty (National Conference of State Legislatures), State Tax Actions, 64 State Tax Notes 395 (May 7, 2012): For the first time in 10 years, states cut taxes more than they increased them. All Tax Analysts content is available through the LexisNexis® services.
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Jackel: What Happens if the Supreme Court Throws Out Economic Substance Along With ObamaCare?
Monte A. Jackel (PricewaterhouseCoopers, Washington, D.C.), What's Next After Codification Fails?, 135 Tax Notes 783 (May 7, 2012): In this article, Jackel raises the question whether Congress should reenact the economic substance doctrine statute if the Supreme Court declares it unconstitutional as part of the healthcare legislation. Assuming congressional reenactment, Jackel then discusses what a reenacted
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ACA: Recommendations for U.S. International Tax Law Reform
Jackie Bugnion (American Citizens Abroad), Recommendation for U.S. International Tax Law Reform, 66 Tax Notes Int'l 459 (Apr. 30, 2012): For reasons detailed below, ACA proposes two complementary changes to U.S. tax laws as they apply to American citizens and green card holders resident abroad: Eliminate citizenship-based taxation. Collect withholding taxes at source on all
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State Tax Treatment of LLCs and LLPs
Bruce P. Ely, Christopher R. Grissom & William T. Thistle (all of of Bradley Arant Boult Cummings, Birmingham, AL), State Tax Treatment of LLCs and LLPs — 2012 Update, 64 State Tax Notes 245 (Apr. 30, 2012): All Tax Analysts content is available through the LexisNexis® services.
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Sullivan: If Romney Wins . . .
Martin A. Sullivan (Tax Analysts), If Romney Wins . . ., 135 Tax Notes 531 (Apr. 30, 2012): Romney's tax agenda is ambitious. According to his campaign documents, he would extend the Bush tax cuts across the board (if they aren't already extended for him in the lame-duck session). Then he would add tax cuts
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Reaganomics: A Report Card
H. Nelson Yu (J.D. 2012, Oregon), Reaganomics: A Report Card, 134 Tax Notes 1649 (Mar. 26, 2012): This report analyzes the economic effects of the significant changes in tax and regulatory policy that have occurred since the election of Ronald Reagan in 1980. Reagan's conservative policies, which have mostly been followed since, contrasted sharply with
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Christians: The Arbitration Option in the New U.N. Model Tax Convention
Allison Christians (Wisconsin), Putting Arbitration on the MAP: Thoughts on the New U.N. Model Tax Convention, 66 Tax Notes Int'l 351 (Apr. 23, 2012): The U.N.'s tax committee last month released its latest version of the U.N. model tax convention, designed for use between developed and developing countries. The big news in the 2011 update
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Gamage & Shanske: On Tax Increase Limitations
David Gamage (UC-Berkeley) & Darien Shanske (UC-Hastings), On Tax Increase Limitations: Part II — Evasion and Transcendence, 64 State Tax Notes 245 (Apr. 23, 2012): In our previous column in this series we argued that tax increase limitations (TILs) are analytically incoherent. [On Tax Increase Limitations: Part I — A Costly Incoherence, 62 State Tax
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Sullivan: U.K. Road to Competitiveness Is Paved With Tax Increases
Martin A. Sullivan (Tax Analysts), U.K. Road to Competitiveness Is Paved With Tax Increases, 135 Tax Notes 390 (Apr. 23, 2012): It has been the stated policy of the United Kingdom's Conservative-led coalition government "to create the most competitive corporate tax regime in the G20." Chancellor of the Exchequer George Osborne reiterated this policy —
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Transparency in State Taxation
Cara Griffith, Amy Hamilton & Jennifer Carr (all of Tax Analysts), Transparency in State Taxation — Part I: Discretionary Authority, 64 State Tax Notes 189 (Apr. 16, 2012): Founded by Tom Field, Tax Analysts was created to foster an open and informed debate about taxation. But Tax Analysts quickly realized that these activities required access
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Sullivan: Busting Myths About Rich People’s Taxes
Martin A. Sullivan (Tax Analysts), Busting Myths About Rich People's Taxes, 135 Tax Notes 251 (Apr. 16, 2012): Kevin Hassett of the American Enterprise Institute [calls] the Buffett rule "the stupid rule." "It's basically just a back-door way to hike taxes on capital," he told Bloomberg News (Richard Rubin, Top Earners Pay Higher Tax Rate
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Sullivan: Was the VAT a Money Machine for Europe?
Martin A. Sullivan (Tax Analysts), Was the VAT a Money Machine for Europe?, 135 Tax Notes 143 (Apr. 9, 2012): In 1965 there was not a big difference between the level of taxes in the United States and in Western Europe. Then the Europeans put their VATs into high gear. Virtually nonexistent in 1965, Western
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CO2: Tax Now, Pay Later!
Étienne Billette de Villemeur (University of Lille, France) & Justin Leroux (Institute of Applied Economics, HEC Montréal), CO2: Tax Now, Pay Later!, 66 Tax Notes Int'l 49 (Apr. 2, 2012): Regarding the climate change issue, a tax on greenhouse gas (GHG) emission flows (also dubbed the carbon tax) is arguably the most prominent instrument put forth
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Demystifying Accountant-Client Privileges in State Tax Litigation
Pilar Mata & Melissa Smith (both of Sutherland, Washington, D.C.), Demystifying Accountant-Client Privileges in State Tax Litigation, 64 State Tax Notes 41 (Apr. 2, 2012): This [article] reviews states' adoption of accountant-client privileges and discusses other avenues of protection that may be available to taxpayers litigating in states that have not adopted an accountant-client privilege.
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Sullivan: If the ObamaCare Mandate Is Struck Down, Are Tax Incentives Next?
Martin A. Sullivan (Tax Analysts), If Mandate Is Struck Down, Are Tax Incentives Next?, 135 Tax Notes 14 (Apr. 2, 2012): Martin A. Sullivan discusses how the individual mandate and penalty in the healthcare reform act functions similarly to tax incentives [click on chart to enlarge]: All Tax Analysts content is available through the LexisNexis®
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Pike: U.S. Taxes Corporate Income at Comparatively Low Rate
Andrew Pike (American), U.S. Taxes Corporate Income at Comparatively Low Rate, 134 Tax Notes 1533 (Mar. 19, 2012): This article asserts that the United States does not subject corporate profits to a relatively high nominal rate of taxation. In support of this assertion, the article analyzes the VAT, and concludes that the VAT incorporates a
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Cash D Reorgs and Basis
Lewis J. Greenwald & Christopher M. Flanagan (both of Sullivan & Worcester, Boston), New U.S. Regs Confirm That Basis Is Lost in Some Cash D Reorgs, 65 Tax Notes Int'l 1091 (Mar. 26, 2012): On November 18, 2011, the IRS and Treasury released temporary and proposed regulations for determining the basis of stock or securities deemed
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Johnson: ObamaCare and the ‘What Is a Tax?’ Question
Steve Johnson (Florida State), Obamacare and the 'What Is a Tax?' Question — Part II, 63 State Tax Notes 1037 (Mar. 26, 2012): The current installment of our column details how the PPACA litigation sheds light on what constitutes a tax. All Tax Analysts content is available through the LexisNexis® services.
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Sullivan: Will Rate Changes Transform C Corps Into Tax Shelters?
Martin A. Sullivan (Tax Analysts), Will Rate Changes Transform C Corps Into Tax Shelters?, 134 Tax Notes 1590 (Mar. 26, 2012): [T]he potential for using C corporations as a tax shelter does not just depend on the values of the corporate and individual rates. The taxation of distributions from C corporations plays a critical role.
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The Effect of Bankruptcy on State Tax Enforcement and Proceedings
Andrew W. Swain (Indiana Office of the Attorney General), The Effect of Bankruptcy on State Tax Enforcement and Proceedings, 63 State Tax Notes 947 (Mar. 19, 2012): Business owners allegedly evading sales taxes and stealing trust money will also argue that the automatic stay prevents taxing authorities from administratively revoking a sales tax license or